Story perspectives

Mark Walter Sells Lakers Majority Stake for $12.5B

8/20/2026

Summary

Story summary

U.S. billionaire Mark Walter sold his majority stake in the Los Angeles Lakers for $12.5 billion.
Bob Iger and Joshua Kushner will acquire the Lakers stake, pending NBA Board approval in September.
Federal prosecutors and the Securities and Exchange Commission are probing Walter’s firms for fraud involving $16 billion-$21 billion undisclosed insurer loans.
Mark Walter is reportedly putting his Chelsea stake on the market, with Clearlake Capital named as a potential buyer.

History

Historical Context

Frank McCourt bought the Dodgers in 2004 for $430 million, financing the deal largely with debt. By April 2011 MLB commissioner Bud Selig seized team operations, and the club filed Chapter 11 bankruptcy on June 27 2011. A court-approved sale to Guggenheim Baseball Management—led by Mark Walter and Magic Johnson—closed on May 1 2012 for over $2 billion, illustrating how massive franchise deals can trigger league intervention and legal scrutiny.

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Story summary

U.S. billionaire Mark Walter sold his majority stake in the Los Angeles Lakers for $12.5 billion.
Bob Iger and Joshua Kushner will acquire the Lakers stake, pending NBA Board approval in September.
Federal prosecutors and the Securities and Exchange Commission are probing Walter’s firms for fraud involving $16 billion-$21 billion undisclosed insurer loans.
Mark Walter is reportedly putting his Chelsea stake on the market, with Clearlake Capital named as a potential buyer.

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